Since the early days of bitcoin until today, thousands of predictions were made some believing that the number one cryptocurrency will eventually cease to exist, others believe that BTC will reach up to million dollars. In today’s bitcoin news, we will be sharing some analyses that show that this cryptocurrency could reach up to $102,000 when the next bull-run happens.
The crypto winter form 2018 has destroyed the market and the will for some enthusiasts to invest but there are many sources that suggest the price could reach up to $120,000 per coin because of the previous cycles data obtained.
Forbes, for example, published an article in 2011 ‘’So, That’s the End of Bitcoin Then’’ where they predicted the end of Bitcoin which made the coin drop from $31 to $15 per coin. The article explained how Bitcoin is not secure and also not liquid so it cannot be considered as a store of value since the price constantly collapses.
Two years later, the price surged up to $230 before another article from Business Insider was published titled ‘’Game Over, Bitcoin’’ which again kicked the price to $110. Of course, the article also explained how Bitcoin is a bubble and it’s not safe.
The market cycles show that when a crash of nearly 70% happens, the next high value reaches between 5.1 to 17 times higher than the previous peak where the coin was at before dropping. If Bitcoin follows the pattern again, the price has a great chance to reach $102,000.
Although it seems imaginary, this is how Bitcoin reached $20,000 a year ago from a starting position of $300.
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